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Annual Re P O R T 1 9 A n n u a l r e p o r t 1 9 9 7 G R O U P Co Cn o n tt e e n t s n t s ANNUAL REPORT Year ended December 31, 1997 ◆ Message from the Chairman. 2 ◆ Executive Committee. 4 ◆ Technip Group Profile . 6 ◆ Hi g h l i g h t s . .8 ◆ Financial Position. 10 ◆ The Year in Review . .14 ◆ Lines of Business . .16 ◆ Environment and Safety . .36 ◆ Human Resources . 37 ◆ The Technip Group Worldwide . 38 A limited company capitalized at FF 330,650,980 He a d q u a r t e r s: Tour Technip - La Défense 6 - 170, place Henri Régnault 92973 Paris La Défense cedex - France RCS Nanterre B 589 803 261 Ph .: 33 (0) 1 47 78 21 21 - Fax: 33 (0) 1 47 78 33 40 G R O U P Message from the Chairman Message from the Chairman would like, first of all, to thank our shareholders, as well as our clients, for the interest they have I shown in TECHNIP and for the confidence they have have placed in the members of its staff. In 1997, the TECHNIP group posted a strong rise in its results in spite of a difficult environment, made worse by the monetary crisis in Asia and the slowdown in economic growth within that area of the world. The consolidated turnover amounts to 11.9 billion French francs (+17% over 1996) with consolidated net earnings increasing 17.4% over the previous financial year and climbing to 627 million French francs. In addition, TECHNIP has begun the year 1998 with a backlog of 16.3 billion French francs, representing well over a year's turnover. Geographically, the breakdown of activity has evolved in favor of Western Europe, which has reached a peak at 40% of the turnover and now represents the leading area of activity for the Group. Activity in Africa has more than doubled due to the LNG project in Nigeria and should grow as work on the MIDOR refinery in Egypt progresses. With 17%, the Middle East has remained stable in absolute value. Asia represents 11% (5% in China and 6% in Southeast Asia), in decline because of the intense price competition. In regards to the sectorial breakdown, hydrocarbons (refining, gas, upstream) have experienced a marked increase, from 45% to 54%, of a turnover that has itself grown by 17%. They should continue to represent an important component of the activity in 1998 due to major contracts won in 1997, in particular in the field of refining (Egypt, Venezuela, Dubaï, Turkmenistan, Poland, etc.). Petrochemicals have remained stable in absolute value thanks to certain technological domains (ethylene, polyethylene, polypropylene, PTA) and are progressively swinging back to industrialized countries (contracts with AMOCO in the USA, with BP CHEMICALS and AP P R Y L in Great Britain, with DSM in the Netherlands and in Germany, with KNAUF in Belgium). The field of diversified industries dipped slightly while still concentrating on its main sectors. Cement, marked by the award of a major turnkey contract in the Emirate of Ras Al Khaimah, also remains very active in plant renovation/expansion, a specialty in which TECHNIP CLE has become a world leader. The pharmaceutical industry represented a significant workload, in France, won from major laboratories such as MSD, BOEHRINGER and PFIZER. Lumpsum tunkey contracts are becoming more and more prevalent in hydrocarbon-producing and emerging countries, calling into play all of TECHNIP's capabilities in arranging financing and international procurement. At the same time, other types of contracts are being developed, such as alliance contracts, where the engineering firm, its partners and the client work in close 2 collaboration (Elgin-Franklin in the North Sea and PT PENI in Indonesia) and especially FEED contracts—elaborate front end engineering designs which draw on the technological expertise of the engineering firm. TECHNIP is currently carrying out several FEED projects likely to result in the realization of major projects, notably in the fields of gas in the Middle East and petrochemicals in Europe. Faced with a new geographical redistribution, TECHNIP has managed to establish a foothold in new markets: the new Central Asian republics (without abandoning Russia for as much); Northern Europe including Great Britain; the USA and Australia. TECHNIP has also modified its approach to fast evolving markets like China by creating a joint venture company with local partners. Following the example of its clients, which are now international joint ventures, TECHNIP has multiplied case-by- case associations with major international engineering companies to widen its accessible market while reducing the risks on large-scale projects. The Group has also endowed itself with its own structures to complete its technological offer. The takeover (80% of the capital) of CBS ENGINEERING in Houston will strengthen its positions in the upstream sector, provide it with an access to the Gulf of Mexico and allow it to promote the technologies developed by TECHNIP- GEOPRODUCTION to the major American petroleum firms. The creation of KREBS-SPEICHIM, a company managed equally with SGN, will allow, notably, the development, on an international scale, of fertilizer activities (urea, and the complete range of nitrogen and phosphate products), basic chemicals, specialty chemicals, pyrotechnics as well as the evironment and safety, both of which are of the utmost importance to us. Thanks to its solid financial situation, its great flexibility in adapting to market evolutions, and its constantly renewed efforts to reduce its costs (engineering, equipment, jobsite), TECHNIP is prepared to face its ever fierce international competition and to ensure its own development. The 6400 men and women of the Group, who are working in this direction, and I thank them for this, are the best guarantee for our success. The year 1998 can be approached with confidance. Chairman and Chief Executive Officer 3 Ex ecutiveExe c u t i v e committeecommittee ▲ ▲ ▲ ▲ ▲ ▲ ▲ L u c i e n Jacques Ge o rg e s Pi e r r e Da n i e l Xavier An n e S A J U S VE R D I E R KR A MM E R VAI L LA U D BU R L I N JAC O B DE C R E S S A C Se n i o r Chief Se n i o r Ch a i r m a n Se n i o r Se n i o r Ex e c u t i v e Ex e c u t i v e Operating Ex e c u t i v e of the Board Executive Ex e c u t i v e Vice President Vice President Of f i c e r Vice President and Chief Vice President Vice President Personnel and Business and Ex e c u t i v e Finance and En g i n e e r i n g Co m m u n i c a t i o n Op e r a t i o n s Of f i c e r Co n t r o l Pr o c u r e m e n t an d Co n s t r u c t i o n 4 BoardBoa r dof of dirdirectorsec t o r s on April 30, 1998 Pi e r r e VAI L LA U D Chairman of the Board and Chief Executive Officer Miguel CAPA R RO S Olivier APPERT Daniel VAL OT Philippe JEUNET Olivier BAR BA RO U X Bruno WEYMULLER Je a n - P i e r r e LAMO U R E GAZ DE FRANCE ISIS (groupe IFP) Permanent representative: Permanent representative: Jacques MAIRE Achille FERRARI AuA u d d i i t t o o r sr s Cabinet Barbier Frinault & Autres represented by: René PROG L I O Titular Auditor Gilles PUISSOCHET Claude CHARRON Lau r ent LEVESQUE Alternate Auditor Titular Auditor Alternate Auditor 5 TechnipTechnip group group pr oprofilef i l e Bu s i n e s s: engineering and co n s t r u c t i o n TECHNIP's business is designing and building industrial and service facilities. Its experience and flexibility allow it to handle everything from preliminary studies to turnkey delivery for individual units as well as fully integrated complexes in a wide range of sectors, covering both its core activity of hydrocarbons and petrochemicals as well as selected industries. A wor l d - c l a s s gro u p In France, the TECHNIP group is the leading engineering and T E C H N I P construction organization. In Europe, it ranks number two. Worldwide, with an annual turnover of around US $2 billion Headquarters (Parent company): Paris - France and a permanent staff of 6,400, it is one of the world's six Date of incorporation: 19 5 8 leading full-service engineering and construction groups Chairman and CEO: Pierre VAILLAUD operating in its core business. Sh a r e h o l d e r s: ISIS GAZ DE FRANCE 32.6 % TO T A L ELF GROUP Ful l - r ange services including management and Pe r s o n n e l: 3.8 % lump-sum turnkey contrac t s French retail and institutional investors: 31.1 % For any project, the TECHNIP group can provide all or part of International investors: 32.5 % the following services: design, engineering, procurement, construction and project management services. T E C H N I P G R O U P Every year, the TECHNIP group successfully carries out In-house staff: 6.400 worldwide projects of all sizes, including hundreds of small projects, Turnover: over US $2 billion in 1997 adapting its multi-disciplined project teams to the specific (60% outside of Western Europe) needs of each contract.
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